1006 87th Ave W Uppr Unit · Duluth, MN 55808

$119,900

2 bd · 1.0 ba · 1,002 sqft · Condo public records · 23 Days on market

Built 1913

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +4.5/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully updated unit in Morgan Park — where affordability meets modern comfort. Fresh flooring, updated paint, a renovated bathroom, and a refreshed kitchen give this 3-bedroom home a clean, move-in-ready feel that's hard to find at this price point. Natural light pours through generous windows in every room, creating a warm and inviting atmosphere throughout. Off-street parking adds everyday convenience, and the absence of an HOA keeps your monthly costs lean. Whether you're a first-time buyer looking to own for less than the cost of renting, an investor seeking a turnkey cash-flowing asset with an active rental license already in place, or someone who wants to li

Key facts

• Renovated bathroom
• Off street parking
• Natural light

Tags

• UPDATED UNIT
• RENOVATED BATHROOM
• REFRESHED KITCHEN
• NATURAL LIGHT
• OFF STREET PARKING
• ACTIVE RENTAL LICENSE

Property features AI

Finance

• Financial info: Standard rental license (rental license active)

Exterior

• Parking: On-street parking only
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property with two levels; Entry/primary living on upper level
• Construction: Block foundation; Foundation dimensions about 45 x 22; Above-grade finished area about 1,002
• Exterior features: Attached property; Lot approximately 0.06 acres (about 21 x 125)

Interior

• Kitchen: Kitchen on upper level
• Bedrooms: 3 bedrooms (all on upper level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Window unit cooling; Other heating type
• Interior features: Full basement with block foundation

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (4.5% below list).
• Recommended offer: $114k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 4.9% in Duluth — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#36 in MN, #1,060 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Duluth Public School District (urban): math 44% / reading 55% proficiency, ranked #132 of 301 in MN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 35 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $36k; list at $120k implies a 238% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,486 (4.5% below list)

Questions for the listing agent

1. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.94%
• DSCR: 1.22
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-10,647
• Equity at exit: $17,877

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $1,979
• Equity at exit: $10,367

Cash invested: $33,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55808

• Home prices YoY: -29.8%
• Active inventory: 35
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,145 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$88 /mo · $1,050/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $138

Break-even live

Break-even rent $970

Max offer price $119,900

Occupancy floor 83%

Sensitivity live

Price	-10% $206	-5% $172	+0% $138	+5% $104	+10% $70
Rent	-10% $48	-5% $93	+0% $138	+5% $183	+10% $229
Rate	-1.0pp $199	-0.5pp $169	base $138	+0.5pp $107	+1.0pp $76

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-06-19
   days on market $119,900 Active 23 DOM
2. 2026-06-18
   days on market $119,900 Active 22 DOM
3. 2026-06-17
   days on market $119,900 Active 21 DOM
4. 2026-06-16
   days on market $119,900 Active 20 DOM
5. 2026-06-15
   days on market $119,900 Active 19 DOM
6. 2026-06-14
   days on market $119,900 Active 17 DOM
7. 2026-06-13
   days on market $119,900 Active 16 DOM
8. 2026-06-10
   days on market $119,900 Active 14 DOM
9. 2026-06-09
   days on market $119,900 Active 13 DOM
10. 2026-06-08
    days on market $119,900 Active 12 DOM
11. 2026-06-07
    days on market $119,900 Active 11 DOM
12. 2026-06-05
    days on market $119,900 Active 8 DOM
13. 2026-06-03
    days on market $119,900 Active 7 DOM
14. 2026-06-02
    days on market $119,900 Active 6 DOM
15. 2026-06-01
    days on market $119,900 Active 5 DOM
16. 2026-05-31
    days on market $119,900 Active 4 DOM
17. 2026-05-30
    days on market $119,900 Active 3 DOM
18. 2026-05-26
    listed $119,900 Active
19. 2025-09-01
    historical
20. 2025-05-21
    listed $104,900 Active
21. 2025-05-09
    historical
22. 2025-05-06
    price $104,900
23. 2025-03-14
    price $107,500
24. 2025-01-22
    listed $109,900 Active
25. 2015-12-03
    soldstatus $35,500
26. 2015-08-14
    listed $44,900
27. 2015-04-14
    historical
28. 2015-03-29
    listed $49,900 Active
29. 2015-01-02
    historical
30. 2014-11-17
    listed $49,900 Active
31. 2014-10-29
    historical
32. 2014-09-02
    listed $49,900 Active
33. 2014-05-29
    soldstatus $25,000
34. 2014-05-29
    soldstatus $25,000 Sold
35. 2014-05-19
    status Pending
36. 2014-05-02
    listed $28,000 Active
37. 2014-05-02
    listed $28,000
38. 2012-12-27
    listed $29,900
39. 2006-02-17
    soldstatus $37,700
40. 2001-11-28
    soldstatus $25,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $1,050 · $88/mo
• Projected year-2 tax: $1,196 · $100/mo
• Expected delta: +$146/yr (+$12/mo · 13.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,738
• − Mortgage interest: −$6,716
• − Property taxes: −$1,050
• − Insurance: −$600
• − Repairs & maintenance: −$1,099
• − Management: −$1,099
• − Depreciation: −$3,488
• Taxable loss: −$313
• Est. tax savings @ 24.0%: +$75
• After-tax cash flow: $1,734/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Duluth Public School District
• NCES district ID: 2711040
• Math proficiency: 44% ▼ -10.00%
• Reading proficiency: 55% ▼ -6.00%
• Median HH income: $45,692
• Composite: 41.92/100
• National rank: #3360
• State rank: #132 of 301 in MN

Livability — Duluth

• Score: 82/100
• State rank: #36
• US rank: #1060

Category grades

Amenities F Commute A+ Cost of living A+ Crime C Employment C+ Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Duluth, MN
• City population: 71,097
• Population (ZIP): 5,325

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Native American 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 14% Romanian 8% Lithuanian 5%
• Foreign-born: 1% · Canada

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -100.66%
• Current HPI: 237.4607
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+379.6% since first listed

23 events — show timeline

• 2026-05-26 Listed $119,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-21 Listed $104,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-06 Price Changed $104,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-03-14 Price Changed $107,500 NORTHSTARMLS as Distributed by MLS Grid
• 2025-01-22 Listed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-12-03 Sold (MLS) $35,500 LSAR
• 2015-08-14 Listed $44,900 LSAR
• 2015-04-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2015-03-29 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-01-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-11-17 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-10-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-09-02 Listed $49,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-29 Sold (MLS) $25,000 LSAR
• 2014-05-29 Sold (MLS) $25,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-02 Listed $28,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-02 Listed $28,000 LSAR
• 2012-12-27 Listed $29,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-02-17 Sold (Public Records) $37,700 Public Records
• 2001-11-28 Sold (Public Records) $25,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,050 · -2.8% YoY. Source: county tax records.